Pinduoduo (NASDAQ:PDD) was downgraded by equities research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report released on Sunday, The Fly reports. They presently have a $62.70 price objective on the stock. Goldman Sachs Group’s price target would suggest a potential downside of 8.73% from the company’s previous close.
A number of other research firms also recently issued reports on PDD. Sanford C. Bernstein initiated coverage on shares of Pinduoduo in a research note on Friday, March 20th. They issued a “market perform” rating on the stock. CLSA upped their target price on shares of Pinduoduo from $46.50 to $72.00 and gave the stock a “buy” rating in a research note on Friday. Barclays reissued a “buy” rating and issued a $43.00 price objective on shares of Pinduoduo in a research report on Tuesday, April 14th. ValuEngine cut shares of Pinduoduo from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, BidaskClub cut shares of Pinduoduo from a “strong-buy” rating to a “buy” rating in a report on Friday. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $57.01.
PDD stock opened at $68.70 on Friday. The stock has a market capitalization of $76.53 billion, a P/E ratio of -62.45 and a beta of 1.17. The firm has a 50-day simple moving average of $50.66 and a 200-day simple moving average of $40.57. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.23. Pinduoduo has a 52 week low of $18.46 and a 52 week high of $69.50.
Several large investors have recently modified their holdings of PDD. The Manufacturers Life Insurance Company increased its stake in Pinduoduo by 30.9% during the first quarter. The Manufacturers Life Insurance Company now owns 2,295,703 shares of the company’s stock valued at $82,714,000 after purchasing an additional 541,406 shares during the last quarter. APG Asset Management N.V. boosted its holdings in shares of Pinduoduo by 97.2% during the first quarter. APG Asset Management N.V. now owns 129,000 shares of the company’s stock valued at $4,648,000 after acquiring an additional 63,600 shares during the period. Elephas Investment Management Ltd acquired a new stake in Pinduoduo in the first quarter worth about $1,946,000. Twinbeech Capital LP bought a new stake in Pinduoduo in the first quarter worth about $455,000. Finally, Voloridge Investment Management LLC bought a new stake in Pinduoduo in the first quarter worth about $7,269,000. Institutional investors and hedge funds own 20.05% of the company’s stock.
Pinduoduo Company Profile
Pinduoduo Inc operates an e-commerce platform in the People's Republic of China. It also operates Pinduoduo, a mobile platform that offers a range of priced merchandise. The company was formerly known as Walnut Street Group Holding Limited and changed its name to Pinduoduo Inc in July 2018. Pinduoduo Inc was founded in 2015 and is based in Shanghai, the People's Republic of China.
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